We are nearing an exchange on a house in Malmesbury and my mum and dad have sent the ten percent deposit to my property lawyer. I am now informed that as the deposit has been sent from someone other than me my solicitor needs to make a notification to my lender. Apparently, in also acting for the mortgage company he must inform them that the balance of the purchase price is not just from me. I advised the bank concerning my parents' contribution when I applied for the home loan, so is it really appropriate for him to raise this?
Your conveyancing practitioner is obliged to clarify with the bank to make sure that they know that the balance of the purchase price is not from your own funds. The solicitor can only disclose this to your mortgage company if you agree, failing which, your lawyer must cease to continue acting.
Is it the case that all Malmesbury CQS (Conveyancing Quality Scheme) solicitors are on the Barclays conveyancing list of approved firms?
A selection of lenders now utilise the accreditation scheme as the kick off point for Panel membership such as HSBC and Santander. The Law Society’s CQS accreditation however is no guarantee to lender panel acceptance. That being said,the CML have indicated that it is likely to become a pre-requisite for firms wishing to join their panels.
I'm at the point of looking at flats in Malmesbury and I am about to put in an offer. Is it too early to have a solicitor in place? I intend to finance via a mortgage with Nottingham.
You should start obtaining conveyancing estimates from solicitors ASAP. Once you decide who you want to use and once your offer is accepted you can instruct them to work for you and forward their details on to the selling agent. Given that you are getting a mortgage with Nottingham, ask your prospective lawyers if they are on the Nottingham conveyancing panel otherwise they can't do the mortgage legal work.
I was told four weeks ago that my mortgage has been agreed to by Coventry BS. Is it usual for Coventry BS to only issue the offer once my solicitor in Malmesbury is approved on their conveyancing panel? Coventry BS have asked my solicitor to see a copy of their PI Insurance.
Mortgage companies tend not to not issue a mortgage until they have details of a lawyer on their panel. It can take a few weeks for Coventry BS to deal with your lawyer's application to be on the Coventry BS conveyancing panel. There's no guarantee that your solicitor will be accepted.
Should our solicitor be raising questions regarding flooding as part of the conveyancing in Malmesbury.
Flooding is a growing risk for lawyers specialising in conveyancing in Malmesbury. Plenty of people will acquire a house in Malmesbury, fully expectant that at some time, it may be flooded. However, aside from the physical destruction, if a property is at risk of flooding, it may be difficult to obtain a mortgage, suitable building insurance, or dispose of the premises. Steps can be carried out during the course of a house purchase to forewarn the purchaser.
Solicitors are not qualified to offer advice on flood risk, however there are a numerous searches that may be undertaken by the buyer or by their lawyers which will figure out the risks in Malmesbury. The conventional set of property information forms given to a purchaser’s conveyancer (where the Conveyancing Protocol is adopted) incorporates a usual question of the seller to determine if the property has suffered from flooding. In the event that the residence has been flooded in past which is not disclosed by the seller, then a purchaser could bring a claim for damages as a result of such an inaccurate reply. A buyer’s lawyers should also conduct an enviro search. This should indicate if there is a recorded flood risk. If so, more detailed inquiries should be conducted.
Are there restrictive covenants that are commonly identified as part of conveyancing in Malmesbury?
Covenants that are restrictive in nature can be picked up when reviewing land registry title as part of the process of conveyancing in Malmesbury. An 1874 stipulation that was seen was ‘The houses to be erected on the estate are each to be of a uniform elevation in accordance with the drawings to be prepared or approved by the vendor’s surveyor…’
How does conveyancing in Malmesbury differ for newly converted properties?
Most buyers of new build property in Malmesbury come to us having been asked by the developer to sign contracts and commit to the purchase even before the property is completed. This is because developers in Malmesbury tend to buy the real estate, plan the estate and want to get the plots sold off as they are building the properties. Buyers, therefore, will have to exchange contracts without actually seeing the house they are buying. To reduce the chances of losing the property, buyers should instruct conveyancing solicitors as soon as the property is reserved and mortgage applications should be submitted quickly. Due to the fact that it could be several months and even years between exchange of contracts and completion, the mortgage offer may need to be extended. It would be wise to use a lawyer who specialises in new build conveyancing especially if they are accustomed to new build conveyancing in Malmesbury or who has acted in the same development.
I am purchasing a ground floor maisonette in Malmesbury. Conveyancing lawyer is waiting for, from the seller, building insurance documents. I was told today I was advised that the owner needs to send the insurance documents for the flat above in addition. Why does my conveyancer need to check the insurance for the flat above? Is it really required? We have been waiting for the previous fortnight…
It is not unheard of in leasehold conveyancing in Malmesbury to find Conveyancing in Malmesbury in a minority of cases reveals that the lease requires the leasehold owners to insure their individual flats rather than the freeholder insuring the complete building - which is definitely better. Do contact your conveyancer but it would appear that your conveyancer is attempting to verify that the whole building is insured. Insuring a ground floor flat is no help when it comes to rebuilding after a fire if the 1st floor cannot be reconstructed due to lack of insurance cover.